Illinois Treasurer Asks Trump To Assure Banks On Medical Marijuana

Jan 23, 2017

Illinois Treasurer Mike Frerichs wants the Trump administration to help protect the state’s medical marijuana industry.

Federal law currently forbids banks from processing money used for cannabis transactions.  This makes it difficult for these businesses to get loans and pushes customers to pay only with cash. 

The Obama administration said prosecuting banks for these violations wasn't a priority, and Frerichs wants the same assurances from Trump.  

"Updating our banking laws to embrace common sense change will allow Illinois to properly manage this reasonable program, guarantee uninterrupted access to medical users, and protect financial institutions that serve the industry," he said.  

Illinois currently has 49 licensed medical dispensaries and sold nearly $38 million of product since November 2015 under the pilot program scheduled to end in 2020.  Frerichs says Trump’s approach to the banks could affect whether the medical marijuana program is extended.